China Overtakes Britain as World’s Second Largest Art Market

This caught my eye:

If there is still any skepticism about the continuing rise of the Chinese art market, one dramatic new indicator might put that doubt to rest: according to a new study by the British Art Market Federation, China has outpaced the United Kingdom to become the second-largest art market in the world. With Chinese auction and gallery sales constituting nearly a quarter of the world’s art commerce, at 23 percent or $8.3 billion, the country now follows the United States (at 34 percent) while Britain lags at 22 percent.

The statistics, reported by Bloomberg, come at a time when both Christie’s and Sotheby’s credit the Asian market for their strong resurgences — with Christie’s claiming 2010 as the best year in its history — and when Chinese art routines breaks new records at auction, most recently with the $85 million sale of a Qianlong-era porcelain vase in November at England’s Bainsbridge Auction House.

Not sure what it means, but it feels significant, somehow.

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